Moneyfacts Weekly Product News 11/04/2019 | Product News | moneyfacts.co.uk

Product News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Moneyfacts Weekly Product News 11/04/2019

Moneyfacts Weekly Product News 11/04/2019

Category: Articles
Author: Leanne Macardle
Date: 11/04/2019

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market over the past seven days. The deals are available right now, but may be subject to change.

SAVINGS


Kent Reliance

Kent Reliance has increased the rate on its 60-day notice ISA, which now pays 1.50% variable yearly. A monthly option paying 1.49% is also available. Savers can invest from £1,000 and further additions are permitted, while transfers in from cash or stocks and shares ISAs are also allowed within the first 30 days of account opening. Early access to funds outside of the 60-day notice period, including transfers out, will be subject to a penalty of 60 days' loss of interest. This ISA, which can be opened online, in branch or by post but can then also be managed by phone, is for savers aged 16 or over.

Making its mark in the variable ISA market this week is the latest rate rise (of 0.05%) by Kent Reliance on its 60-day notice ISA. Climbing to joint-top of its sector paying 1.50% variable and now sitting comfortably within the Moneyfacts.co.uk Best Buys, this is a great choice for savers thanks to the shorter notice period to its closest rival. The ISA allows transfers in from cash ISAs and earlier access subject to an interest penalty – flexibility that further adds to its appeal. As a result, the deal earns an Excellent product rating too.

Metro Bank

Metro Bank has increased the rate on its 18-month fixed bond, which now pays 2.10% on its anniversary. A monthly interest option that pays a rate of 2.08% is also available. Savers can invest from £500 but further additions and earlier access to funds are not allowed. Although this deal is open to savers aged 16 or over who must open the account in branch, those aged 18 or over can also apply online, after which the bond becomes phone-operated.

Savers searching for a fixed rate of interest over the short term will be delighted by this latest deal from Metro Bank. After a substantial rate rise (of 0.15%), its 18-month bond enters the Moneyfacts.co.uk Best Buys as one of the best rates in its sector and earns an Excellent product rating in the process. Savers can invest from as little as £500, but must be content with their initial investment from the start.

Dudley Building Society

Dudley Building Society has increased the rate on its two-year fixed rate ISA, which now pays 1.81% on its anniversary. Savers can invest from £100 and early access to funds is allowed subject to a penalty of 80 days' loss of interest. Transfers in from cash or stocks and shares ISAs are also permitted, as are further additions until 5.4.20. This account, which can be opened and operated in branch or by post, is for savers aged 16 or over.

Savers on the lookout for an ISA to utilise their annual tax-free allowance will be delighted by this substantial rate rise (of 0.15%) from Dudley Building Society. Paying 1.81% fixed for two years, the ISA takes a position in the Moneyfacts.co.uk Best Buys and earns an Excellent product rating as a result. This deal will also appeal to savers looking for some flexibility, as it permits access, subject to an 80-day loss of interest penalty – useful for those who may need their cash returned sooner than they first thought.


MORTGAGES


Sainsbury's Bank

Sainsbury's Bank has reduced selected rates in its range, with its five-year fixed mortgage now priced at 2.01% to 30.6.24. This deal is for first and second-time buyers who wish to borrow from £40,000 at 80% loan-to-value. A £995 fee is payable, all of which can be added to the mortgage advance and an incentive package of free valuation is included. This product allows overpayments of up to 10% of the outstanding balance, as well as underpayments and payment holidays.

Sainsbury's Bank has improved the overall appeal of its five-year fixed mortgage thanks to a rate cut (of 0.19%) this week. Now priced at 2.01%, the deal secures a place within the Moneyfacts.co.uk Best Buys and earns the highest product rating of Outstanding. House purchase customers looking to save on the upfront cost of their mortgage will be delighted by its incentive package and the choice to add the product fee to the mortgage advance.

Sainsbury's Bank's lending area includes Scotland.

Saffron Building Society

Saffron Building Society has added a new incentive on its two-year fixed rate mortgage priced at 3.07% to 30.9.22. This deal is for first-time buyers who wish to borrow between £30,000 and £500,000 at 95% loan-to-value and carries no product fee, as well as now including the incentive of free valuation. This product allows overpayments of up to 10% of the outstanding balance.

First-time buyers who have gathered a 5% deposit and are searching for a competitive mortgage over the shorter-term will be impressed by this latest offering from Saffron Building Society. The deal has been boosted thanks to the addition of free valuation incentive. This mortgage reaffirms its place within the Moneyfacts.co.uk Best Buys and secures an Outstanding product rating too.

Saffron Building Society's lending area does not include Scotland.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Close